SBI Yono App: Here's how you can withdraw money without using card

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Representational Image
Representational Image

New Delhi : The State Bank of India has launched its smart app, YONO Cash with which customers can withdraw money from ATMs without using a card. SBI customers can now generate a one-time pin (OTP) on their mobile application and use the pin to transact from the bank’s ATM.

How SBI Yono App works

Step 1: Install YONO App on your Android or iPhone

Step 2: When you have to withdraw money from an ATM, put a request on the app, following which you will get a unique 6-digit registration number, which will be valid for 30 minutes.

Step 3: Visit the nearest SBI ATM or YONO Cash points, and use that PIN to withdraw money. The customer will also get a confirmation of the cash withdrawal via SMS

The new YONO Cash facility is available across 16,500 SBI ATMs, pan-India. Besides the 6-digit registration number, the user will be also required to enter the YONO App PIN for cash withdrawal. The service can be used by a customer only on one device.

India's biggest money lender has come up with this new initiative and on this extra-ordinary move, the chairman Rajnish Kumar said this new cash withdrawal facility will eliminate the risk associated with using debit cards at ATM. “This feature on YONO is designed to help its users withdraw cash without a physical debit card," he said in a statement.

Also, using SBI Yono mobile application will reduce the risk of card-based frauds which arise out of skimming and cloning.

Lastly, it must be noted that customers can withdraw up to Rs 10,000 per transaction and make two withdrawals a day using the application.